Japan regulated its casino market last year. Since then, it is recognized as the biggest and most lucrative markets in the world. The country is currently formulating its laws, which will regulate the industry, but there is a range of companies, which have already revealed their interest to invest billions in establishing a casino resort in the country. Although the rules have yet to be determined, there are many global gambling operators, which have already entered Japan casino license bidding war and spare no effort to up their chances to win.
Even though there are no precise regulations yet, many international casino operators are ready to stake money on a Japanese casino venture. As Casino Reports revealed earlier Las Vegas Sands tried to win the hearts of the Japanese officials by inviting the most popular British football player David Beckham to speak at a press conference on behalf of the company. The operator went even further by relying on the Eagles guitarist Joe Walsh to point out the importance of having a first-class performance venue.
Casino officials from Las Vegas Sands and MGM Resorts announced that they are ready to invest as much as $10 billion in expanding the company’s business on the Asian market. On Wednesday last week, President and Chief Operating Officer of Las Vegas Sands Robert G. Goldstein commented that the company revealed its interest to the Japanese casino industry years ago, when its regulation was only in its early talks. Macau casino mogul Lawrence Ho, son of Stanley Ho, announced that he is to spend “whatever it takes” in order to enter the Japanese casino market.
Japanese Juicy Market
Japan regulated its casino market in December 2016, when the country’s lawmakers passed the so-called Promotional Integrated Resorts Bill, allowing the provision of commercial gambling across the country. But the lawmakers are currently working on a package of rules also known as the Implementation Bill, which is to establish the legal framework, according to which the industry should operate. The newly-regulated casino market raised certain concerns regarding any possible gambling issues and addictions. This resulted in the proposal of some guidelines, which are tougher than necessary.
Many experts warned the officials that this may hamper the development of the casino industry and make the Japanese casino market less attractive than expected. It was further explained that Japan’s approach to these issues will determine the profitability of its market. It may be concluded that the Japanese casino market is a golden opportunity, unless the officials do not tarnish it with excessive regulations and limits.